Healthcare artificial intelligence has wide applications in hospital workflow, medical imaging and diagnosis, target therapies and drug discovery. Drug discovery holds 35% of the global HAI market share that is leading the global healthcare artificial intelligence market and is anticipated to surpass USD 4 billion by 2024. Increasing utilization of artificial intelligence tools to predict the performance of drugs during testing, to produce personalized medicine based on genetic markers and to influence the delivery success rates will further escalate the business growth.

Large scale of human unemployment and unwillingness of medical professionals to adopt artificial intelligence-based systems may hamper the market growth. Lack of skilled personnel, high cost of development of artificial intelligence tools, stringent regulatory guidelines for medical software, issues of privacy, ownership, and confidentiality will further restrain the growth opportunities in the market.

Medical imaging will witness 40% growth in the coming years and will exceed USD 2.5 billion by 2024. Rising deployment of artificial intelligence technologies has helped in early and accurate detection of cancer. Increasing addition of artificial intelligence with deep learning tools and algorithms into medical imaging information system and the modalities to monitor analytics in real time, improve imaging accuracy, to speed workflow and to improve reimbursements will further propel the segment growth.

U.S. healthcare artificial intelligence market surpassed USD 325 million in 2016 and is set to witness 35% CAGR growth in the forecast timeframe. Increasing adoption of artificial intelligence technologies and increasing awareness of big data analytics will stimulate the industry growth. Presence of well-established healthcare infrastructure, increasing venture capital investments, rising number of cross-industry collaborations, and increasing demand for precision medicine will further lead to regional growth.

Some of the key industry players are Google Incorporation, IBM Watson Health, Zebra Medical Vision, iCarbonX, Pathway Genomics, Microsoft Corporation, AiCure, Atomwise, Cyrcadia Health and Lifegraph Limited. The strategic initiatives adopted by these companies are innovative product launches, acquisitions and collaborations. In 2018, Precision Health AI, launched a new platform, called Eureka Health Oncology, that makes use of electronic medical records data to produce practical artificial intelligence applications for real oncology use cases. This initiative will help the company in enhancing its product portfolio and sustaining its market position.

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Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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